New Gold Inc. (NGD)

[alchemytrader]

New Gold Generates Record Cash Flow in 2014

By PR Newswire, February 19, 2015, 05:00:00 PM EDT
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(All dollar figures are in US dollars unless otherwise indicated)

TORONTO, Feb. 19, 2015 /PRNewswire/ - New Gold Inc. ("New Gold") (TSX:NGD) (NYSE MKT:NGD) today announces its 2014 fourth quarter and full-year financial and operational results. The company previously announced its 2014 operational results, 2015 guidance, updated year-end mineral reserves and resources and project updates on February 4, 2015.

2014 FULL-YEAR HIGHLIGHTS

Adjusted net cash generated from operations before changes in working capital(1) of $310 million, a 20% increase from 2013
Net cash generated from operations of $269 million, a 56% increase from 2013
Adjusted net earnings(2) of $45 million, or $0.09 per share
Net loss of $477 million, or $0.95 per share, including a $394 million after-tax impairment expense
Delivered on full-year gold production guidance and beat copper production and cost guidance:
Gold production of 380,135 ounces
Copper production of 101.5 million pounds
All-in sustaining costs(3) of $779 per ounce, a $120 per ounce decrease from 2013
Record-low total cash costs(4) of $312 per ounce, a $65 per ounce decrease from 2013

Year-end cash balance of $371 million
Received Federal and Provincial approval of Rainy River's Environmental Assessment in January 2015
2014 FOURTH QUARTER HIGHLIGHTS

Net cash generated from operations of $70 million
Adjusted net earnings(2) of $13 million, or $0.03 per share
Net loss of $432 million, or $0.86 per share, including a $394 million after-tax impairment expense
Fourth quarter delivered highest quarterly gold production of the year with 105,992 ounces
"We are proud to have generated the highest cash flow in our company's history in 2014," stated Randall Oliphant, Executive Chairman. "We were able to achieve this record, despite lower metal prices, as a result of the strength of our four operations and the teams who run them. The robust cash flow generated by our portfolio of operations enabled us to advance our portfolio of growth projects. Important progress continues to be made at our Rainy River project as well as at New Afton with the mill expansion and C-zone evaluation. At the same time, given the longer timeline contemplated for the development of Blackwater in today's metal price environment, we felt it prudent to adjust our carrying value for the project."

"As we progress through 2015 and future years, we look forward to continuing to execute on our strategy of moving into longer lived, larger scale and lower cost operations," added Mr. Oliphant.

2014 FINANCIAL RESULTS



Read more: http://www.nasdaq.com/press-release/new-gold-generates-record-cash-flow-in-2014-20150219-01279#ixzz3SEOYu1K0